Illinois Senate passes legislation initiated by Assessor Berrios to increase exemption savings for Cook County homeowners; Measure now moves to Illinois House for consideration

Community Contributor mkownacki

Legislation initiated by Cook County Assessor Joseph Berrios to help homeowners save more money on their property taxes, unanimously passed the Illinois Senate on Thursday. The bill, sponsored by Sen. Antonio Munoz (D-Chicago), would enhance tax-saving exemption amounts and expand eligibility for the Senior Freeze Exemption.

"In addition to fairly and equitably assessing properties, administering tax-saving exemptions is a key function of the Assessor's Office," Berrios said. "I am grateful to Senator Antonio Munoz for working with my office to respond to the need for greater property tax relief in Cook County, especially for senior citizens. I am also thankful to Representative Robert Martwick as he continues to advocate for this bill in the Illinois House."

The Cook County Assessor's Office (CCAO) provides numerous exemptions that are deducted from a home's Equalized Assessed Value (EAV). Senate Bill (SB) 473 increases exemption savings for the Homeowner and Senior Citizen Exemptions. It also expands eligibility and enhances benefits for the Senior Freeze Exemption, an exemption designed to help low-income seniors.

Savings for the Cook County Homeowner Exemption, an exemption available to eligible homeowners on their primary residences, would increase from $7,000 to $10,000 in EAV under SB 473. Savings for the Senior Exemption, an exemption for seniors 65 years or older, would increase from $5,000 to $8,000 in EAV. It is important to note that the exemption amount is not the dollar amount by which a tax bill is lowered. The EAV is the partial value of a property and is the figure on which a tax bill is calculated.

Lastly, the Senior Freeze Exemption for low-income seniors would expand eligibility by increasing the limit of household incomes to $65,000, increased from the previous limit of $55,000. There will also be a new, minimum $2,000 exemption deduction for the Senior Freeze, which helps offset increases in assessed value each year.

"One of the top concerns I hear through our Community Outreach Program is that the Senior Freeze Exemption is not doing enough to help our senior citizens on fixed incomes," Berrios said. "By increasing the income limit to more accurately reflect the cost of living and providing a minimum savings for the Senior Freeze, we can help more seniors stay in their homes without worrying whether they can afford to pay their property taxes."

Senators Toi Hutchinson (D-Chicago Heights) and Dan Harmon (D-Oak Park) co-sponsored SB 473. The Senate approved the measure and it now moves to the Illinois House for consideration.

All exemptions appear on Second Installment Tax Bills. For additional information regarding exemptions, please contact the CCAO at 312-443-7550 or visit the web site at www.cookcountyassessor.com.

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